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Penn National Gaming buys land for Columbus casino; awaits voter approval

Penn National Gaming Inc. today said it has completed the
purchase of 123 acres in Ohio
that the company hopes will be the future site of the Hollywood Casino
Columbus.

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Penn National Gaming Inc. today said it has completed the
purchase of 123 acres in Ohio
that the company hopes will be the future site of the Hollywood Casino
Columbus.

On Jan. 15, the company said it closed on the purchase of 24
acres in an area of Columbus
designated as an authorized casino location. Penn National hopes to gain
approval from the Ohio
government to move the authorized casino location from the 24-acre site to the
123-acre site. Voters will decide May 4 whether to approve the move. If
approved, Penn National plans to sell the 24-acre site.

Penn National would like to change sites because the
123-acre site has adequate highway access, allows room for expansion, and fits
into the company’s vision of urban revitalization, according to a January
company statement. The site also received strong support from local community
and business leaders, the statement said.

The propose Hollywood Casino Columbus is now budgeted at
$400 million. The company expected to invest about $250 million in the project.
Penn National is hoping to open the casino during the second half of 2012.

Penn National Gaming owns and operates Penn National Race Course and the
Hollywood Casino at Penn National Race Course, both in Dauphin County.
The company’s shares trade on the Nasdaq under the ticker symbol PENN.

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